Nation Media Group (NMG), a leading media company in which Kenyan multimillionaire businessman John Kimani is a major shareholder, is rewarding its shareholders with a dividend payout of Ksh285.4 million ($2.14 million) — its final dividend for the recently concluded 2022 fiscal year.
This translates to a payout of Ksh1.5 ($0.01122) per share and is being drawn from the company’s retained earnings at the end of the fiscal year.
Kimani, one of the wealthiest investors in Kenya, will receive Ksh6.7 million in dividends from his stake in NMG, while other shareholders, Shah Karim al-Husayni (Aga Khan IV), who owns 44.7 percent of the media company, will also receive Ksh127.6 million ($954,900).
NMG is the largest independent media house.
Under the leadership of Aga Khan IV, who is also known by the religious title, Mawln Hazar Imam, NMG has grown into the largest private media house in East and Central Africa, with print, broadcast, and digital operations that attract and serve audiences in Kenya, Uganda, Tanzania, and Rwanda
Despite facing challenges such as the depreciation of the Kenyan shilling against the dollar and the doubling of newsprint prices, NMG concluded its 2022 fiscal year with a net profit of Ksh470 million ($3.52 million).
The media corporation’s growth strategy for the future rests on two distinct but interconnected tactics: bolstering its print and broadcast businesses while also bolstering its digital-first content.
The results of these strategies are already evident, as the corporation’s reach surged by 25.3 percent during the 2022 fiscal year, bringing its audience to a total of 57.9 million across its social media platforms and website.
In an effort to meet the changing needs of its audience, the company is integrating its newsrooms and adjusting its content strategy.
These moves are all part of a broader plan to set the company on a growth trajectory.